Korea Consumer Confidence

Korea: Consumers slightly less optimistic in October

October 29, 2014

The Composite Consumer Sentiment Index (CCSI) published by the Bank of Korea (BoK) edged down from 107 points in September to 105 points in October. October’s reading marked the lowest level in three months. Nevertheless, the index is still above the 100-point threshold that separates optimism from pessimism.

According to the BoK, October’s reading was driven by consumers’ more pessimistic assessments regarding both their current and future domestic economic conditions. Households’ views on their current and prospective living standards were also more pessimistic than last month. Households’ expected income and spending remained virtually unchanged.

FocusEconomics Consensus Forecast panelists expect private consumption to expand 2.1% in 2014, which is down 0.1 percentage points from last month’s forecast. For 2015, the panel sees private consumption accelerating to 2.8%, which is also down 0.1 percentage points from last month.

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